Lake Tahoe Real Estate: Market Report Dec 10-16

Active Inventory Summary:

 

Lake Tahoe Real Estate Active Listings: The inventory for residential Lake Tahoe real estate  has continued its downward trend for the last 12-weeks.  The current inventory of residential Lake Tahoe real estate stands at 668 Lake Tahoe properties for sale; 482 single family homes and 186 Lake Tahoe condominiums for sale.  The current inventory level is at the lowest point for the entire 2012 year.

 

Lake Tahoe Foreclosures (REO)-Lake Tahoe Short Sale Active Listings:  Of the active listings, there are 72 Lake Tahoe real estate listed as Lake Tahoe short sales, (10.8%) and 9 properties listed as Lake Tahoe foreclosures (REO) sales, (1.3%).

 

Lake Tahoe Real Estate Months of Inventory:  Based on the current inventory and sales for the previous 30-day period, the market has a little over 5-months of inventory available.

 

Sales Summary:  Year-To-Date

 

Total Lake Tahoe Real Estate Sales 2012 Vs. 2011:


Total Lake Tahoe Real Estate Sales:
  For 2012, there have been 1,353 residential Lake Tahoe real estate sold in the market as compared to 1,170 for the same period in 2011 which is a year over year increase in sales of almost 16%.  Of the total sales in the market this year, 1,072 have been single family homes, while 284 or 20.8% of the sales are Lake Tahoe condominiums.  In 2011 for the same period, Lake Tahoe condominiums represented 27% of the Lake Tahoe real estate sales.

 

Lake Tahoe Foreclosures (REO) & Lake Tahoe Short Sales:  Distressed property sales thus far for the year shows 179 Lake Tahoe foreclosures (REO) sales, (13.2%), and 190 Lake Tahoe Short Sales, (14%) which results in almost 28% of the Lake Tahoe real estate sold being distressed properties.  In 2011 for the same period, there were 201 Lake Tahoe foreclosures (REO) sales and 169 Lake Tahoe short sales or 31% of the total Lake Tahoe real estate sales.

 

Sales by Price Range:  For the year, there have been 866 residential Lake Tahoe real estate sold priced below $500,000, 364 Lake Tahoe real estate sold between $500,000 and $1,000,000 and 123 properties sold over $1,000,000.

 

Median and Average Sales Prices:  The median sales price for properties sold year to date is $400,000 while the average sales price is $567,835. For the same period in 2011, the median sales price was an identical $400,000 and the average sales price was $539,417.  Median sales prices are identical to 2011 and the average sales price has increased 5.3%.

Last Week’s Sales:  For the week of December 10th, a total of 19 Lake Tahoe real estate sold which was down slightly from the prior week’s sales of 24 Lake Tahoe properties.  Of the Lake Tahoe real estate sold last week, five (5) Lake Tahoe properties sold at a price above $750,000 and of the two of those were sold at a price greater than $1 million in the Lake Tahoe Luxury homes segment.

Pending Sales: Currently there are 151 pending residential Lake Tahoe real estate sales in the market which is down slightly from the previous week.  Of the pending Lake Tahoe properties, 22% are distressed properties with 21 being Lake Tahoe short sales and 12 being Lake Tahoe foreclosures (REO’s).

Market Activity Summary: 

 

The first 16 days of December has gotten off to a slower start than was the case in 2011 for the same period.  Month to date sale saw 43 Lake Tahoe properties sold as compared to 78 units sold in 2011 for the same period which is a 44% decline.   Give the extremely strong year we have had for Lake Tahoe real estate sales, it appears the market has taken a breather this far for December.

 

On a year to date basis, there have been 1,353 residential Lake Tahoe properties sold as compared to 1,170 for 2011 which is an overall favorable increase of almost 16%.  This is by far the strongest sales year in the past four years in the north Lake Tahoe and Truckee market.

 

The median sales price for residential Lake Tahoe properties reached $400,000 which is identical to last year at this time.  The average sales price has gone up 5% to $567,835 as compared to last year because of the higher number of Lake Tahoe luxury homes sales in the market.  With the last 12-week trend in both median and average sales prices and the fact that they have reached their highest point of the 2012 one could surmise the bottom has been reached in the north Lake Tahoe and Truckee market.

 

The segment of the market with the highest level of activity continues to be homes priced under $500,000 as over 64% of the sales or 866 Lake Tahoe properties have sold in this price range which is similar on a percentage basis to 2011 where over 65% of sales or 771 Lake Tahoe properties sold in this price range.

 

Lake Tahoe luxury home sales, homes priced above $1,000,000, has are up 23% from 2011 which has been the largest growing segment of the market for the year on a percentage basis.  There have been 123 Lake Tahoe luxury homes sold which represents over 9% of sales this year as compared to 100 Lake Tahoe properties sold last year in this segment.  The median sales price for Lake Tahoe luxury homes in 2012 is $1,575,000 as compared to a median price of $1,613,000 in 2011 which is down (2.3%). Conversely, the average sales price of Lake Tahoe luxury homes in 2012 is $2,172,889 as compared to $2,005,489 in 2011 which is an 8.3% increase.  Coldwell Banker is the market leader for Lake Tahoe Luxury homes sold over $1.0 million with 28 properties sold representing a sales volume of over $46 million.

 

The mid range market sales, $500,000 to $1,000,000 are up 22% from last year with 364 Lake Tahoe properties sold in this segment or 27% of sales as compared to 299 Lake Tahoe properties sold or 26% of sale in this range in 2011.

 

Distressed properties, (Lake Tahoe foreclosures (REO’s) and Lake Tahoe Short Sales), are mirroring the national trend of more banks supporting short sales as compared to last year.  For 2012, Lake Tahoe short sale properties closed have gone up by 12% with 190 closed Lake Tahoe short sales in 2012 as compared to 169 closed Lake Tahoe short sales in 2011.  Lake Tahoe short sales closed have surpassed Lake Tahoe foreclosures (REO) properties closed in 2012.  Lake Tahoe foreclosures (REO) properties closed in 2012 have gone down (11%) with 179 Lake Tahoe properties closed in 2012 as compared to 201 Lake Tahoe properties closed in 2011.  Overall, distressed Lake Tahoe property sales, (Lake Tahoe foreclosures (REO) and Lake Tahoe Short Sales) represent 27% of the Lake Tahoe real estate sales in 2012 which is less than the 31% in 2011.

 

The active inventory of residential Lake Tahoe real estate has been steadily declining the past 12-weeks and is at the lowest point this year with 668 residential Lake Tahoe properties for sale.  There are 482 single family homes and 186 condominiums listed for sale in the market.  On a year over year bases, residential listings are down 29% from last year.

 

IT’S NOT TOO LATE!  While inventory levels are at the low point for the year, there are still many quality Lake Tahoe properties to choose from throughout the north Lake Tahoe and Truckee area which is not the case in many areas of California.  When you compound the inventory available with homes still priced at 12-year lows and some of the lowest interest rates in history, savvy real estate investors are taking advantage of this market and acquiring homes in many of the Lake Tahoe and Truckee resort communities.

 

Contact Olja Mihic, Lake Tahoe Realtor Today to Find Out More about the Opportunities Available in the Tahoe-Truckee Market.

 

Note: Data on this page is based on information from the Tahoe Sierra Board of Realtors, MLS.  Due to MLS reporting methods and allowable reporting policy, this data is only informational and may not be completely accurate.  Therefore, Coldwell Banker Residential Brokerage does not guarantee the data’s accuracy.  Data maintained by the MLS may not reflect all real estate activity in the market.  DRE License # 1908304

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